First time buyer: one bedroom in London

bouicca21

I quite like it.  It would be even nicer if you could persuade the Hilton Hotel  ferry to take you across the River so you could explore the lovely Southwark Park.

numbercruncher8

IMO, you should visit the place.
There are some shops and restaurants around there but mostly aimed at the people that work there.
Pretty much a different vibe to the places you want to move to before (Islington/Shepherds Bush/Deptford).

Crashy_Time

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).

Yes, but people have always been getting inheritance, why is it suddenly a game changer? Why did they introduce HTB if people are so flush with cash? - Answer - because most people are not flush with cash! And even less will be now that we are in a health/economic state of emergency. The game changer is that it is now harder for mum and dad to sell granny`s house in the Midlands and give little Johnny or Jenny money to throw at sky boxes in London. Interesting times indeed.

It's changed because the state killed quite a few people in nursing homes recently.

see graph for excess deaths here

https://www.bbc.co.uk/news/health-53592881

I am not saying everyone is flush with cash (only the genuine buyers matter), but its a factor that counters your bnking restriction for BOMAD for some buyers.

It doesn't matter about most people.

What matters is whether demand exceeds supply.

I've already posted the nationwide figures for July so no need to post them again, but as usual we are silll waiting for the long awaited crash.

The problem for most ordinary people wanting to buy a home is will it come before they've paid so much in rent that the gamble of waiting hasn't paid off.

How long do you suggest people wait? 6 months? 12 months?

What if we get a vaccine and they are vaccinated in 9 months time, go ahead then?

How long have you been waiting, since 2001?

Did it change your plans to start a family or involve you in massive IVF costs because you left it too late?

How many examples do you have where waiting to buy has paid off over say the last 2 decades?

As I say, I think you may have gone past the point where ANY suggestion of ANYTHING other than getting mortgaged up for the next 25-30 years will do? Of course you bought in the 90`s before the bubble so you are basically advising people to do what you didn`t do i.e take out ten times their income in debt for basic accommodation.

You need to explain why 60 years of renting is better.
btw - mortgages get smaller over time 
actually the property I bought in 1991 went down until 1996 (if you are going to stalk personal details you need to be accurate). It wasn’t a big issue for the majority who don’t monitor the paper value and get on with a happy stable family life.
who said 10 times income?
tell us why 60-70 years renting is better.

The property market of 1991 has no bearing at all on someone committing to large mortgage debt at the present moment (worst time in a long time, but luckily for many the banks won`t let them make this commitment any more) I find your notion that being in mortgage debt somehow creates "happy stable family life" to be frankly bizarre, like some sort of mortgage ad, and offensive to the many generations who grew up well in rented and council accommodation, and your frequent rants about IVF are strange as well, I`m sure all the council house single mum`s have IVF treatment and mortgage debt as their highest priorities? Why not just admit that you are a VI, you want your favourite/biggest asset to stay high and  why not just acknowledge that when you bought is nothing like someone trying to "get on the ladder" today?

redefinr

Si I've made a first offer of £300k for the property:

https://www.rightmove.co.uk/property-for-sale/property-71487639.html

After few days, the EA came back saying it was a bit low (obviously). He pushed for 310 but in the end I've made another offer (final offer) of 305. Let's see how it goes....

steve866

That is exciting for you, good luck. Could/would you pay £310?

hazyjo

Fingers crossed for you!

UnderOffer

Yes keeping fingers crossed that they accept new offer. Great that you’ve found a place with a separate bedroom too. Good luck. 

Jamaicanmelaff

Good luck! Hope it works out for you. 

jimbog

Looks good and a separate bedroom too!

numbercruncher8

Nice one, I believe they will accept. Looking at previous sales across that development, sales are real slow - literally only a handful of deals per year.

Until that time, they do accept, I'd keep looking. If you can move down the road this might offer better value, sure not a new build but probably won't come with large service charges.

Also keep a eye on this one - could be a bellweather for the market. A similar flat layout went in 2016 at c.£430k, so a fair discount. I know you said the charges on the 2-beds were steep, but if this drops in price, having a 2-bed, 2-bath for c.£335k vs a 1-bed for £310k offers far better downside protection.